Lending, Real Estate

Freddie’s 3% Down Payments Start Next Week | Realtor Magazine

“Freddie Mac will begin offering mortgages with down payments of only 3 percent — the first time they’ve been this low on the GSE’s loans in nearly five years — starting March 23. The move is expected to make more credit available to entry-level borrowers. gage now, at the start of the spring homebuying season, lenders will be ready to serve…

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Lending, Real Estate

Las Vegas Mortgage Modification Mediation Program | LoanSafe.org

“The United States Bankruptcy Court for the District of Nevada recently announced new uniform procedures for its Mortgage Modification Mediation (MMM) Program. These procedures apply to all Las Vegas Chapter 13 bankruptcy filings, and all types of real estate including both commercial and residential. The Mortgage Modification Mediation Program is designed to be a neutral forum for the debtor and mortgage…

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Lending, Real Estate

87% of properties qualify for down payment assistance | 2015-02-03 | HousingWire

The average amount of down payment assistance across all counties is $11,565. “Many homebuyers, especially millennials, haven’t fully investigated their home financing options because are pessimistic about qualifying for a mortgage. Our Homeownership Program Index highlights the wide range and availability of down payment programs available to today’s homebuyers. In fact, 91 percent of the 2,290 programs in our registry…

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Lending, Real Estate

Housing market extremely strong in 2015

“Buy before it’s too late Buyers should act now––delayed purchases will only result in higher monthly mortgage payments as prices and rates rise. In fact, our forecast data show affordability may decline as much as 10% over the course of the year. Plus, we won’t get another head fake on mortgage rates like we did in 2014. The economy is much…

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Lending, Real Estate

The Pros and Cons of Fixed-Rate Mortgages

“Fixed-rate mortgages are the most common type of mortgages available. Many home buyers prefer them to adjustable-rate mortgages for a number of reasons. But just because one is more popular doesn’t mean it’s right for you. FRMs have both pros and cons that you need to evaluate before choosing…” via The Pros and Cons of Fixed-Rate Mortgages. ___ DaLea Ellis, Realtor…

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Lending, Real Estate

How VA Loans Stack Up Against Conventional and FHA Loans

“For many military service members and veterans, VA loans are the most powerful home-buying tool on the market. Qualified buyers can purchase with $0 down and considerably lower credit scores than what conventional lenders typically require. To be sure, loans guaranteed by the Department of Veterans Affairs aren’t the right fit for every veteran. But the program’s more flexible requirements have helped scores…

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Lending, Real Estate

Compare Mortgage Rates with the Government’s New Rate Checker Tool

“It pays to shop around for your mortgage, since lenders’ rates are all over the place. This rate checker from the US Consumer Financial Protection Bureau shows the most common rates based on your financial inputs. In the example above, most lenders are offering 3.75%—but some go even lower. The rate checker takes into account your credit score, state, and…

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Lending, Real Estate

Boomerang home buyers are coming back – Money.CNN.com

“Half a million home buyers: Homeowners can recover from foreclosure in as little as three years, but seven years is the “conservative” amount of time it takes to rebuild a credit score, according to RealtyTrac. That means many homeowners who lost their homes in 2007 should be able qualify for a new home loan this year. More than 500,000 people…

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Lending, Real Estate

Down Payments Get Smaller – Real Estate News – realtor.com

“It is getting easier for some buyers to land a house with less money up front. More lenders are lowering down-payment requirements, allowing borrowers to commit 3%—or even less—of a home’s purchase price to get a mortgage. Most had been requiring down payments of 20% or more since the recession began, with a few exceptions. Some lenders also are waiving…

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Lending, Real Estate

4 Questions to Consider Before You Take on a Mortgage

“Many mortgage seekers are primarily concerned about the size of their down payment, how much they’ll have to pay per month, and the interest rate on their loan. While these matters are important, they aren’t the only ones to consider. Before you start shopping for a mortgage, ask yourself these four questions to become a more informed home buyer…” via 4 Questions to Consider…

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